The promise of America is that nobody is born to lose, but who has never wondered, “Am I wasting my life?” We imagine escaping the mad scramble yet kick ourselves for lacking drive. Low ambition offends Americans even more than low achievement…. Failure conjures such vivid pictures of lost souls that it is hard to imagine a time, before the Civil War, when the word meant “breaking in business” — going broke. How did it become a name for a deficient self, an identity in the red? Why do we manage identity the way we run our businesses - by investment, risk, profit, and loss?
– Scott A. Sandage, Born Losers: A History of Failure in America (2006)
In American culture, the market is worshiped increasingly as an ideology rather than being seen for what it is—a natural product of human social evolution and a set of valuable tools through which we may shape a healthful and equitable society. It is under the spell of this ideology—this new religion—the we have fallen into complacency. Personal profit is no longer the means to an end but has become the end in itself. America’s traditional immigrant values of resourcefulness, thrift, prudence, and an abiding concern for family and community have been hijacked by a commercially driven, all-consuming self-interest that is rapidly making us sick.
– Peter C. Whybrow, M.D., American Mania: When More Is Not Enough (2005)
(Regarding what fed the Internet bubble that burst in the early 2000s): “You had a lot of novice investors who got into the market looking for easy money, without any regard to the fundamentals. These stocks were running on fumes.”
– Bernie Madoff, Washington Post, Jan 2, 2001.